By  on June 7, 2017

LONDON — Austerity is biting top management at Burberry, which is in the thick of a cost-cutting and restructuring drive aimed at delivering at least 100 million pounds, or $129 million, in annualized savings by fiscal 2018-19, as the company reshapes itself in challenging times.

According to the annual general report published earlier this week, chief creative and chief executive officer Christopher Bailey waived his bonus for the second year running, although he still stands to collect about 10.5 million pounds, or $13.6 million when, part of a 1 million chunk of shares that he was awarded in 2013 vests next month.

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